Market announcement

Title

RESULTS OF THE MANDATORY TAKEOVER BID

Message

On 5th of November 2007, AS Rubla made on the basis of § 166 (1) of the
Securities Market Act a mandatory takeover bid for all shares of AS Kalev that
do not belong to AS Rubla. The offer period ended on 3rd of December 2007 at
17:00. 

As a result of the bid AS Rubla acquired 3 870 379 shares of AS Kalev,
representing 16,38 % of the share capital of AS Kalev. During the bid AS Rubla
acquired 13 395 957 shares of AS Kalev, representing 56,68 % of the share
capital of AS Kalev. The purchase price paid for the shares of AS Kalev
acquired during the bid did not exceed the purchase price of the mandatory
takeover bid. 

After the mandatory takeover bid 17 284 999 shares of AS Kalev belong to AS
Rubla, representing 73,14 % of the voting rights at the general meeting of AS
Kalev shareholders; 2 363 251 shares of AS Kalev belong to Vipes Invest OÜ,
representing 10 % of the voting rights at the general meeting of AS Kalev
shareholders; 500 000 shares of AS Kalev belong to Linderin Grupp OÜ,
representing 2,12 % of the voting rights at the general meeting of AS Kalev
shareholders. After the mandatory takeover bid no shares of AS Kalev and
respective voting right belong to GKG Investeeringute AS, Mailtec OÜ and East
Capital Balitkumfonden. 

The transactions concluded in the course of the takeover bid will be settled on
Friday, 7th of December 2007. 


Allan Viirma
Head of the Legal Service
6161 916